The world’s only trillionaire, Elon Musk, responded over the weekend to an AP article amplified by U.S. Senator Ed Markey (D-MA), which claimed that “virtually all” of Musk’s wealth comes from government subsidies.
Musk wrote on his social media platform X: “The article is totally false btw. You can add up every government incentive my companies have ever received and they amount to less than 2% of the value of SpaceX and Tesla! And many of these incentives actually helped our competitors disproportionately to Tesla or SpaceX. For example, when President Trump removed the $7500 tax credit for electric vehicles, Tesla sales actually INCREASED, because more buyers shifted from other EV makers to Tesla.”
The article is totally false btw. You can add up every government incentive my companies have ever received and they amount to less than 2% of the value of SpaceX and Tesla!
— Elon Musk (@elonmusk) June 14, 2026
And many of these incentives actually helped our competitors disproportionately to Tesla or SpaceX.
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Markey also amplified a social media post by President Trump, which was published in July 2025: “Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa.”
Trump added, “No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!”
On Sunday, Markey reposted Trump’s take and added: “For all those wondering why Elon is scared of this conversation.”
MAGA-aligned Senator Mike Lee (R-UT) replied to Markey: “The fact that Congress has subsidized a whole bunch of things—against my strong opposition—still doesn’t make Elon’s money yours or the government’s.” Markey replied, “Hate to break it to you, Mike. But it is our money.”
For all those wondering why Elon is scared of this conversation. https://t.co/gLT2LOUzjq pic.twitter.com/gE6zTtPxCj
— Ed Markey (@EdMarkey) June 14, 2026
